Tag: ‘AMT’

Death and Taxes: Certainty and Conflict

By :: April 16th, 2015

The House plans a vote to repeal the estate tax today. Repealing the levy would cut taxes by $270 billion over 10 years for 0.2 percent of the nation’s richest estates. The White House and Democrats are vehemently opposed. The Joint Committee on Taxation estimates that 5,400 estates will face the GOP-named “death tax” in […]

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Who’s Afraid of Income Taxes? New Interactive TPC Tools To Help You Understand the 1040

By :: March 18th, 2015

Need help understanding the 1040 as we enter the homestretch of this year’s tax filing season? The Tax Policy Center has created a new interactive tool to walk you through key parts of the federal income tax, ranging from the mundane to the arcane. In bite-sized pieces, Who’s Afraid of the Form 1040? discusses the main […]

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The Year in Taxes: From the Fiscal Cliff to Tax Reform Talks

By :: December 12th, 2013

The year in taxes started with the nation toppling, briefly, over the fiscal cliff. And it ended with some interesting policy proposals on tax reform though little political progress. Remember the fiscal cliff? While that crisis was resolved on New Year’s Day, it really began in 2001, when President George W. Bush signed the Economic […]

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Not All Curbs on Tax Preferences Are Created Equal

By :: July 10th, 2013

Because politicians seem unwilling to confront specific individual tax preferences, it is likely that any broad-based tax reform will be based on across-the-board curbs on deductions, credits, and exclusions. That’s how lawmakers could generate the revenue they need to reduce tax rates and (perhaps) help reduce the deficit without seeming to tackle popular tax subsidies […]

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Taxing Millionaires: Obama’s Buffett Rule

By :: April 11th, 2013

From the start of his 2008 campaign, President Obama has called for raising taxes on the rich. He got much but not all that he wanted in the American Taxpayer Relief Act (ATRA) earlier this year. Now his FY2014 budget takes another couple of bites at that apple. The first repeats his proposal to cap […]

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Will Obama’s Views on Tax Reform “Evolve” Too?

By :: May 10th, 2012

Robin, thanks for asking me back on Good Morning America to talk about my views on tax reform. After we spoke about gay marriage, I got to thinking about another deeply-held emotional issue that affects every American family. Well– you know, I have to tell you, as I’ve said, I’ve– I’ve been going through an […]

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Cutting Tax Rates by 20 Percent Could Add $3 Trillion to the Deficit Over a Decade

By :: February 29th, 2012

Last week, Mitt Romney proposed a new tax plan that would, among other things, reduce individual tax rates by 20 percent across the board and repeal the Alternative Minimum Tax. To get a rough sense of what those two tax cuts would cost, the Tax Policy Center crunched the numbers. The result: They would be […]

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A Buffett Rule Proposal in Congress

By :: February 9th, 2012

In his State of the Union speech, President Obama’s called for a new law that would require high-income people to pay at least 30 percent of their income in taxes. In response, Senator Sheldon Whitehouse (D-RI) and Representative Tammy Baldwin (D-WI) have introduced the Paying a Fair Share Act of 2012, a proposal designed to […]

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